Mark Cuban: Metaverse real estate is the “dumbest sh*t ever”

Nobody can ever accuse Mark Cuban of mincing words about the metaverse. The Dallas Mavericks owner and prolific investor aired his particularly unfavorable opinion about metaverse real estate on the Altcoin Daily YouTube channel. “The worst part is that people are buying real estate in these places,” Cuban said of metaverse platforms like the Sandbox and Decentraland. “That’s just the dumbest s*** ever.” Cuban added, “Did I say it was dumb? That’s not strong enough.”

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Rybak, Century file to build Queens multifamily projects

A pair of outer borough real estate developers have each submitted plans to bring more than 200 residential units to Queens. Sergey Rybak’s Rybak Development and George Xu’s Century Development Group filed separately on Monday to build a total of 280,000 square feet in Forest Hills and Long Island City. Rybak’s Brooklyn-based firm is seeking to build a 150,000-square-foot multifamily project at 78-29 Austin Street in Forest Hills. Rybak bought the development site from the

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The Fortress real estate hall of fame

Fortress Investment Group has played a key role in some of real estate’s biggest — and most audacious — deals. From Harry Macklowe’s infamous $7 billion purchase of a chunk of the Equity Office Properties portfolio, to the $5.5 billion sale of Stuyvesant Town–Peter Cooper Village, to backing Trump Tower Chicago, the private equity firm earned a reputation for getting involved in hairy projects that scared others away. Now, with SoftBank considering a sale of

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Thor sues insurer over Bob Gladstone’s alleged theft from 212 Fifth

Thor Equities wants the money it claims to be owed at 212 Fifth Avenue, and has turned the attention to an insurer to get the millions. Joe Sitt’s firm sued Hiscox on Wednesday for failing to cover $3.4 million the firm alleges Madison Equities CEO Robert Gladstone stole from the luxury condo project, the Commercial Observer reported. The money was allegedly taken by Gladstone without permission after all 48 units at the building were sold.

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Bayside shopping center goes for $32M to lead mid-market sales

A summer of strong mid-market investment sales in New York City, particularly in multifamily assets, paused during the first week of August. Only five transactions involving commercial properties valued between $10 million and $40 million hit city records. Three were in Brooklyn, while Manhattan and Queens each had one. Below is more information on each, listed by dollar value: 1. Alfredo Li, through the entity Mandarin Realty NY LLC, sold a shopping center at 61-01

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Zell-backed SPAC fizzles

The deflated SPAC market has claimed another victim. The Sam Zell-backed Equity Distribution Acquisition Corp. will close up shop next month after failing to find a merger deal, Bloomberg reported. The special purpose acquisition company will stop trading on Sep. 16 and redeem the outstanding class A shares to investors on Sep. 19. The firm went public at the height of the SPAC craze in 2020, putting a focus on businesses in the industrial sector.

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Jean-Georges’ Mercer Kitchen closing after 25 years

As one kitchen door opens, another is slamming shut. Chef Jean-Georges Vongerichten’s Soho restaurant Mercer Kitchen is closing at the end of the year, Eater reported. While the restaurant at 99 Prince Street is shuttering after 25 years of operation, it’s not clear if JGR will still provide room service to the Mercer Hotel. “A great run,” Vongerichten said of Mercer Kitchen’s quarter-century as a celebrity spot and communal dining innovator. The burners may not

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Iconic NYC eatery Rao’s to open at Loews Miami Beach

Good luck getting a table. Rao’s, a classic New York City restaurant known as much for its exclusivity as its red-sauce fare, is planting a flag in Miami Beach. The Italian eatery, owned by the Pellegrino family, is expected to open at the Loews Miami Beach Hotel early next year, sources confirmed to The Real Deal. It will take the ground-floor space occupied by Lure Fishbar at the oceanfront resort at 1601 Collins Avenue. The

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Milstein’s real estate firm extends at 545 Madison Avenue

A real estate firm is staying put in Midtown, the latest in a string of Manhattan office renewals. Ogden CAP Properties, the real estate arm of the Milstein family, is renewing its lease at Marx Realty’s 545 Madison Avenue, the Commercial Observer reported. The three-year deal across four floors spans 42,000 square feet and runs through 2027. Asking rents at the building range from $84 to $101 per square foot. Ogden moved into the office

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City accuses its landlord of gaming property taxes

So that’s how it feels. The city alleges its landlord at a Queens warehouse overcharged it on real estate taxes for years. In a lawsuit filed Tuesday, the city charges that it erroneously paid its landlord over $270,000 in real estate taxes between 2014 and 2022. Property taxes are the responsibility of owners, but are often passed on to tenants through lease agreements. In this case, the Adams administration claims the landlord wrongly calculated what

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